FSC / Press Release
Musgrove Minerals Grants Payment Extension to Konnex Resources
Surrey, British Columbia CANADA, November 12, 2012 /FSC/ - Musgrove Minerals
Corp. (MGS - TSX Venture, MGSGF - OTCPink), ("Musgrove" or the "Company")
announces that, it has agreed to grant an extension to Konnex Resources Inc.
("Konnex") towards its scheduled payment of $250,000 as per the Empire Mine
project Option Agreement (the "Agreement") announced on April 27, 2012.
Under the original terms of the agreement, Musgrove will receive a total of
$1,490,000 cash and $350,000 of Konnex stock (see full details of the deal
including a breakdown of the payment schedule news released and filed on Sedar
on April 27, 2012 or at www.musgroveminerals.com) Of the $1,490,000 cash
commitment the Company has received $290,000 thus far. The next scheduled
payment is $250,000 and was due on November 10, 2012.
Due to difficult market conditions, Konnex has asked the Company for a ninety
(90) day extension to make the $250,000 payment. For the extension, Konnex will
issue the Company 150,000 shares in its capital by November 19, 2012.
ON BEHALF OF THE BOARD OF DIRECTORS OF
MUSGROVE MINERALS CORP.
BY ORDER OF THE BOARD
President and CEO
MUSGROVE MINERALS CORP.
About Musgrove Minerals Corp.
Musgrove Minerals Corp. www.musgroveminerals.com is a mineral-exploration
resource company trading on the TSX Venture Exchange (Symbol:MGS). The Company
is currently exploring the Musgrove Creek Gold Project, an advanced stage
exploration project located in a historic Gold mining district in Idaho, USA and
approximately 24 Km (15 mi) from Meridian Gold's past producing Beartrack Mine
which produced approximately 600,000 oz of Gold from 1996 - 2001.
The Musgrove Creek Gold Project contains a NI 43-101 Inferred Mineral Resource
estimate of 8 million tonnes at 1.22 g/t Au (0.036 oz/ton) at a gold cut-off of
0.8 g/t (0.023 oz/ton). This is equivalent to 313,822 oz (9,761 kg) of gold
(Gruenwald and Makepeace, 2004).
Musgrove Minerals also has interest in three (3) other projects - The Vianey
Silver Project in Mexico that it recently sold for $325,000 to Grand Peak
Capital (GPK); The Charay Gold property in Mexico that it Optioned to Westridge
Resources (WST); and, the Empire Mine project - a polymetallic skarn deposit
containing copper, zinc, gold and silver located in the Alder Creek Mining
District in Custer County, Idaho - that it recently joint ventured to Konnex
Resources, currently a private company seeking to go public - owned 18% by
Cliffs Natural Resources (CLF:NYSE).
Further information: Rana Vig at (604) 633-2442, or toll free 1-800-667-1442, or
via email email@example.com, or by visiting our website at
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release
FORWARD LOOKING STATEMENTS This press release may contain or refer to certain
forward-looking statements relating, but not limited to, Musgrove's
expectations, intentions, plans and beliefs with respect to Musgrove. Often, but
not always, forward-looking statements can be identified by the use of words
such as "plans", "expects", "does not expect", "is expected", "budget",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or equivalents or variations, including negative variations, of such
words and phrases, or state that certain actions, events or results, "may",
"could", "would", "should", "might" or "will" be taken, occur or be achieved.
Forward-looking statements rely on certain underlying assumptions that, if not
realized, can result in such forward-looking statements not being achieved.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that could cause the actual results of Musgrove to be materially
different from the historical results or from any future results expressed or
implied by such forward-looking statements. Although Musgrove has attempted to
identify important factors that could cause actual actions, events or results or
cause actions, events or results not to be estimated or intended, there can be
no assurance that forward-looking statements will prove to be accurate as actual
results and future events could differ materially from those anticipated in such
statements. Other than as required by applicable Canadian securities laws,
Musgrove does not update or revise any such forward-looking statements to
reflect events or circumstances after the date of this document or to reflect
the occurrence of unanticipated events. Accordingly, readers should not place
undue reliance on forward-looking statements.
To view this press release as a webpage, please click on the following link:
Source: Musgrove Minerals Corp. (MGS - TSX Venture)
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-0- Nov/12/2012 22:40 GMT
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